Kazakhstan National Fund allocates $5.4 bln to support economy

After the devaluation of tenge by 19% earlier this week, the National Fund of Kazakhstan decided to allocate $5.4 billion to support local business, Tengrinews reports. The National Fund that created in 2000 accumulates windfall oil profits that would serve as a cushion for the country’s economy in the case of emergency. The Fund has accumulated about $68.9 billion so far.
“It is exactly the situation when the State uses its reserves to provide emergency relief to the economy. I instruct to allocate $5.4 billion to provide long-term money loans that will ensure the growth of the economy,” Nursultan Nazarybayev said at the enlarged meeting of the Cabinet in Astana………………………………………..Full Article: Source